Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (12,414,000) $ (6,965,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 81,000 57,000
Stock-based compensation 1,944,000 255,000
Stock issuance for services 261,000 49,000
Interest expense on conversion 699,000 0
Changes in operating assets and liabilities:    
Accounts receivable (1,470,000) (866,000)
Inventories (2,301,000) 54,000
Other current assets (411,000) (23,000)
Accounts payable 2,065,000 51,000
Accrued expenses 385,000 131,000
Accrued interest 551,000 775,000
Customer deposits (102,000) (18,000)
Net cash used in operating activities (10,712,000) (6,500,000)
Cash flows from investing activities    
Purchases of equipment (275,000) (85,000)
Net cash used in investing activities (275,000) (85,000)
Cash flows from financing activities:    
Repayment of line of credit (2,500,000) 0
Proceeds from the sale of common stock, net of offering costs 4,390,000 3,975,000
Borrowings from line of credit - related party 6,500,000 5,195,000
Payment on lease payable (7,000) 0
Net cash provided by financing activities 8,383,000 9,170,000
Net change in cash (2,604,000) 2,585,000
Cash, beginning of period 2,706,000 121,000
Cash, end of period 102,000 2,706,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Conversion of related party debt to equity 8,475,000 0
Common stock issued for interest 1,610,000 0
Equipment purchase through capital lease $ 65,000 $ 0